ISLAMABAD: Following are the new initiatives, proposed in the national budget for 2017-18, unveiled by Finance Minister Senator Muhammad Ishaq Dar at the Parliament House here Friday.
Welfare scheme for family of martyrs – CDNS – preferred profits will be offered Scheme for disabled persons – CDNS – preferred profits will be offered Loan write-off of widows – HBFC – upto Rs 500,000 Facilitating elderly, widows and pensioners – CDNS – IT, on-line connectivity, and alternative service delivery mechanisms – ATMs, mobile, etc.
Overseas Pakistanis – non-convertible bond, an exclusive sector in Islamabad by CDA.
BISP Beneficiary Graduation Programme – Grants to willing self-employed individuals – Rs 50,000 grant per family will be provided to 250,000 families in the first phase Provision of off-grid solar solutions in sparsely populated areas, especially Balochistan.
Agriculture continuation of subsidized electricity for agri-tube wells Single-digit (9.9%) mark-up rate for farmers utilizing loans up-to Rs 50,000.
Continuation of subsidy on electricity to low-income and low-usage customers credit to agriculture sector – increased from Rs700 billion target of the current year to Rs1,001 billion
FINANCIAL INCLUSION
Financial inclusion – loans to low-income segments through micro-finance banks, exemption from WHT on branchless banking agents
INFORMATION TECHNOLOGY
Setting up of an IT Park
IT export houses/companies shall be allowed to open
Foreign Exchange Accounts in Pakistan
Reduction of the withholding income tax on cell phone call from 14% to 12.5% and Federal Excise Duty from 18.5% to 17% Smart/android phones – custom duty to be reduced from Rs1,000 to Rs 650.
Import duty is being reduced on mobile telecom products.
The start-up software houses shall be exempted from Income Tax for the first 3 years. Exports of IT services from Islamabad and other.
Federal territories shall be exempted from Sales Tax
OTHERS
Minimum wage of labour increased from Rs.14,000 per month to Rs 15,000 per month. Bait al Maal allocation increased by 50% from Rs.4 billion to Rs.6 billion. Risk sharing guarantee scheme – house building finance.
